IT – Implementation of non-displayed orders for orders meeting the large at scale criteria at OMX Nordic Exchange Helsinki, Stockholm, Copenhagen and Iceland (71/08)

In order to maintain and further improve the competitiveness and the attractiveness of the Nordic Markets in the changing European trading landscape OMX Nordic Exchange are planning to introduce non-displayed orders (i.e. zero iceberg orders) which meet the large in scale criteria (LIS) specified in MiFID. 
Non-displayed orders meeting the LIS criteria will be implemented in Helsinki, Stockholm, Copenhagen and Iceland, commencing September 29th, 2008. The implementation is subject to Financial Supervisory Authority’s approval.
Implementation of non-displayed orders aims to better facilitate large orders in the order book without market impact or risk of front running. The implementation of non-displayed orders will offer an alternative to trading outside the market.
Other exchanges in Europe have similar trading functionality in place. 
The decision to implement non-displayed orders was based on the results from a member consultation, which showed support for the functionality. 
Non-displayed orders will be prioritized after visible orders and ordinary iceberg orders. For more information regarding the non-displayed orders please see enclosed pdf file with detailed information.

System test in SAXTST1 has been available for equity related markets in Helsinki and Iceland since June 30, 2008. Equity related markets in Stockholm and Copenhagen will be available September 4th, 2008.

In Helsinki, this change will affect the following submarkets on the main Finnish market (OMX HEL Equities) and First North Helsinki (First North HEL).

In Stockholm, this change will affect the following submarket on the main Swedish market (OMX STO Equities) and on First North Sweden (First North STO). 
In Copenhagen, this change will affect the following submarkets on the main Danish market (OMX CPH Equities) and on First North.
On Island, this change will affect the following submarket on the main Icelandic market (OMX ICE Equities, OMX ICE Alternative Market and OMX ICE Fund units) and on First North Iceland. 
For specification of LIS orders please see the enclosed detailed description.